Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.

Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.

The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg , a source told Reuters, an acquisition that would combine two of the world's best known consumer food makers.

The deal combines the maker of Nutella with the company behind Froot Loops cereals, diversifying its chocolate-heavy portfolio at a time of high cocoa prices.